Henrico enters elite "quadzilla" credit club
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Henrico County this week became the third county in the nation to earn a quadruple-AAA bond rating, which means it nabbed the best possible credit score from all four credit rating agencies.
- Chesterfield and Harris County, Texas round out the elite list of three, Henrico Citizen reports.
Why it matters: Henrico and Chesterfield taxpayers will ultimately benefit from living in what Henrico manager John Vithoulkas jokingly dubbed a "quadzilla region."
State of play: With gold-star credit ratings, both counties are eligible for lower borrowing interest rates and considered low-risk for potential investors in forthcoming government bonds.
- Those bonds will pay for things like new schools, parks and infrastructure improvements, giving county residents more bang for their government buck.
Zoom in: Henrico plans to issue $88 million in bonds next month to pay for projects county voters approved in 2022, including:
- A new Quioccasin Middle School and Longan Elementary School
- Renovations of Jackson Davis and Johnson elementary schools
- A new animal adoption center
- And improvements at Wilton Farm and Tuckahoe Creek Park.
Chesterfield isn't planning any new bonds for this fiscal year, per VPM, but the county is continuing work, or has recently wrapped up, projects from its last bonds, including:
- New A.M. Davis and Bensley elementary schools
- New fire stations
- And the Powhite Parkway extension
Of note: The city of Richmond received its first AAA bond rating last year, from just one of the reporting agencies.
- Hanover has a AAA rating from three ratings agencies.
The bottom line: There are perks when living in the quadzilla. Probably.